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The Insurance Information Institute’s (I.I.I.) president and chief economist, Dr. Robert Hartwig, is scheduled to testify today at the U.S. House of Representatives’ public hearing on House Resolution 920—the Multiple Peril Insurance Act of 2007. The Multiple Peril Insurance Act of 2007 calls for amending the federal law which created the National Flood Insurance Program… Continue reading III President to Testify Today on National Flood Insurance Reform

According to a benchmark survey for the second quarter conducted by New York-based Advisen Ltd on behalf of the Risk & Insurance Management Society (RIMS), risk managers continue to enjoy lower premiums on many of their commercial insurance policies. D&O liability premiums fell an average of 7.29% in the second quarter compared with last year,… Continue reading RIMS Survey Indicates Continuing Decline in Many Commercial Policy Premiums

Last week, Missouri Governor Matt Blunt signed legislation allowing the formation of captives in the state as of August 28. The measure was introduced by Senator John Loudon and reflects captives statues in other states, particularly Vermont, which is the largest domicile with 563 captives.    Under the new Missouri law, the minimum capital and… Continue reading Missouri Becomes Ninth State to Welcome Captive Formations

One of the first things Alex Sink was asked to when she became Florida’s new CFO was to come up with ways of lowering insurance rates and provide some respite for the state’s beleaguered homeowners. After a special ten-day session, the result was the expansion of The Florida Hurricane Catastrophe Fund to $28 billion, allowing… Continue reading CFO Alex Sink Speaks Out On Florida’s Insurance Woes and More

On Saturday, senior advisors of the Bush administration stated that they would recommend the president veto Senate legislation that would substantially increase funds for children’s health insurance through the use of a 61-cent increase in the the federal excise tax on a pack of cigarettes. The revenue generated from the tax hike would be used… Continue reading Administration Opposes Using Cigarette Tax Hike to Aid in Kid’s Insurance Bill

Former Chief Operating Officer Roger Egan of a Marsh & McLennan Cos. Inc. unit has sued the world’s largest insurance broker, alleging he was not properly compensated after being fired in the aftermath of a 2004 bid-rigging scandal.    According to a lawsuit filed Wednesday in New York State Supreme Court, Egan, 56, who is… Continue reading Former Employee Sues Marsh Over Compensation

Southern States General Agency Inc. (SSGA), a unit of Unitrin Inc., was purchased by Dallas-based Republic Cos. The terms of the acquisition were not disclosed.     In a statement by Republic Chief Executive Officer Parker W. Rush, the deal would give the carrier an opportunity to expand its geographic reach and broaden its product… Continue reading SSGA Is Purchased by Republic Cos

The dismissal of a subgration lawsuit that Industrial Risk Insurers (IRI) brought against Citigroup, Inc. over property losses caused by the collapse of 7 World Trade Center (WTC) was upheld by the 2nd U.S. Circuit Court of Appeals. The lawsuit alleged that the Citigroup chose to design, construct and install a diesel fuel powered generator… Continue reading Insurer IRI’s Lawsuit Against Citigroup Dismissed

On Thursday, “Daily NEWSFLASH” featured a letter written by AIA President Marc Racicot to Representative Gene Taylor, sharing with him the analysis of an AIA-commissioned study to examine the effects of including windstorm insurance in the National Flood Insurance Program (NFIP). The findings concluded that incorporating windstorm insurance would significantly increase NFIP deficits – in… Continue reading Fighting Words in Response to AIA’s Windstorm Coverage Stance

The largest organization in the United States for people over 50, AARP, announced on Thursday its selection of insurer Genworth Financial Inc. to provide long-term care insurance to its members. The Genworth decision gives it access to the organization’s 38 million members through its agents as well as the AARP’s endorsement. Genworth said the AARP… Continue reading Genworth is AARP’s Choice for Long-Term Care Insurance for Members